Report Industry Investment Ratings - Crude oil: ★★★ [1] - Fuel oil: ★★★ [1] - Low-sulfur fuel oil: ★☆☆ [1] - Asphalt: ★☆☆ [1] - Liquefied petroleum gas: ★★★ [1] Core Views of the Report - Crude oil supply is in a mixed state of immediate increase and geopolitical risks, with a clear inventory accumulation process. Oil prices have limited upside space, and a protective strategy combining short futures and call options is recommended [2]. - High-sulfur fuel oil is supported by geopolitical factors, showing a short-term strong trend. Low-sulfur fuel oil has abundant supply and weak demand, mainly following cost fluctuations [2]. - Asphalt market has increased pre-holiday stocking enthusiasm, with a decline in overall inventory levels. The subsequent demand is boosted by seasonal factors, and the BU trend is temporarily oscillating strongly [3]. - Liquefied petroleum gas has a marginal improvement in supply and demand, with an expected increase in overall consumption. The LPG futures price has rebounded slightly from the previous bottom [3]. Summary by Related Catalogs Crude Oil - Supply is in a multi - empty intertwined state with inventory accumulation of 2.4% in the third quarter, including 0.5% for crude oil and 5.5% for refined oil. The inventory structure has shifted to upstream crude oil. A protective strategy is recommended [2]. Fuel Oil & Low - Sulfur Fuel Oil - High - sulfur fuel oil: Middle East shipments are high, but geopolitical factors cause concerns about supply reduction, supporting the FU trend [2]. - Low - sulfur fuel oil: Supply is abundant, demand is weak, and it mainly follows cost fluctuations [2]. Asphalt - Pre - holiday stocking enthusiasm has increased, with a decrease in refinery and social inventories. The October production plan has a year - on - year increase of 350,000 tons, and the BU trend is temporarily oscillating strongly [3]. Liquefied Petroleum Gas - Import arrivals in the South China region have decreased due to typhoons, and overall consumption is expected to increase. The LPG futures price has rebounded slightly [3].

Report Investment Ratings - Crude oil: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Fuel oil: ☆☆☆, suggesting a short - term equilibrium state with poor operability [1] - Low - sulfur fuel oil: ★★★, showing a clear upward trend and a relatively appropriate investment opportunity [1] - Asphalt: ☆☆☆, meaning a short - term equilibrium state with poor operability [1] - Liquefied petroleum gas (LPG): ★★★, representing a clear upward trend and a relatively appropriate investment opportunity [1] Core Views - The oil market has a continuous inventory build - up pressure after the peak season, and different energy products have different supply - demand situations and price trends. Investment strategies vary according to the specific conditions of each product [2][3][4][5] Summary by Product Crude Oil - Since the third quarter, global oil inventories have increased by 1.1%, similar to the first and second quarters. The supply - demand surplus in the fourth quarter is expected to double. After the geopolitical risk concerns eased last week, the market focused on the supply - demand bearish expectations. A double - buy strategy for out - of - the - money options of SC2510 is recommended [2] Fuel Oil & Low - Sulfur Fuel Oil - In August, the Asian fuel oil market has sufficient arrivals and weak shipping demand. Singapore's fuel oil inventory remains high. The low - sulfur fuel oil market is under pressure due to the expected third - batch quota release and cost weakening. High - sulfur fuel oil is supported by sanctions on Russia and Iran [3] Asphalt - In August, the profit difference between coking and asphalt has increased steadily, and refineries' willingness to switch to producing residue may rise. Supply pressure is limited, demand is weak but has recovery expectations, and low inventory supports prices. The BU crack is considered strong recently [4] LPG - The overseas export market is loose, but the recovery of East Asian chemical procurement provides support. Import volume has increased in early August. The refinery gas price has room to decline. The market is in a low - level oscillation after initially fulfilling the bearish expectations [5]